Trump Proposes Higher Tariffs

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widespread tariffs

NBC News

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What tariffs do and why economists don’t like them

Summary

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81% Informative

Tariffs penalize firms that import foreign-made goods to encourage companies to source more of those items within the U.S. Economists across the political spectrum oppose these ideas, saying the most likely outcome would be higher prices for consumers.

While tariffs are broadly disliked by economists, they now draw more bipartisan support than they have in decades .

Some of Trump ’s earlier tariffs led domestic producers to hike their prices.

In 2018 , Trump slapped tariffs ranging from 20% to 50% on many residential washing machines from South Korea , leading Seoul -based LG to raise its prices in response.

A paper the following year from the New York Federal Reserve found tariffs cost U.S. consumers $1.4 billion each month .

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informal

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English

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